5:06pm: Morey’s new deal is now official, with the Rockets announcing the extension in a press release.

“Daryl has consistently proven to be one of the top minds and innovators in our league,” Rockets owner Leslie Alexander said in a statement. “I’m thrilled to continue to work with Daryl towards our pursuit of winning another championship for the Rockets, the City of Houston, and our fans all over the world.”

12:28pm: The Rockets have agreed to a four-year extension with GM Daryl Morey, according to Mark Berman of Fox 26 in Houston. He is now under contract through 2021/22.

Morey, who had one year remaining on his current deal, joined the organization in 2006 and took over GM duties a year later. He has turned the Rockets into consistent contenders, and the team posted the NBA’s third-best record this season.

His most successful move has been a 2012 trade that brought James Harden from Oklahoma City in exchange for a package of players and draft picks.

Harden is overrated? He won the players MVP and if he loses this year it will be to a guy that averaged a triple double. Also, Howard was on the team 2 years ago when they had the second best record in basketball. This year they had the 3rd and got Lou Williams for a bill of goods. Morey got Harden basically for a draft pick that became Steven Adams.